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The quality control manager at a light bulb factory needs to estimate the average life of a large shipment of light bulbs. A random sample of 64 light bulbs indicated a sample average life of 300 hours with a sample standard deviation of 100 hours.
(a) Set up a 95% confidence interval estimate of the true average life of light bulbs in this shipment.
(b) Do you think the manufacturer has the right to state that the light bulbs last an average of 400 hours? Justify your answer.
(c) Explain why an observed value of 250 hours is not unusual for an individual light bulb, even though it is outside the confidence interval you calculated.
Using the following data, test the question that an equal number of Democrats, Republicans, and Independents voted during the most recent election.
A group of students collected data at the Cedar Point amusement park and reported that the "wait time" to ride the "Top Thrill Dragster" roller coaster is consistently distributed within a range of 40 minutes to 90 minutes.
If the data were collected for a sample of 50 households rather than 100, develop an 85% confidence interval estimate of the population mean annual amount spent, assuming the population has a normal probability distribution.
What are some conditions under which business decisions are made using subjective probability concepts? Could you please cite two examples of subjective probability.
A shoe salesman want to see if his female customers have a preference in the color of shoe purchased. What is the test value for the following data?
There are 4000 mangoes in a shipment. It is found that it a mean weight of 15 ounces with a standard deviation of 2 ounces.
A sociologist wishes to conduct a poll to estimate the percentage of Americans who favor affirmative action programs for women and minorities for admissions to colleges and universities.
An industrial chemical to retard the spread of fire in paint has been developed. From past experience, 48% of sales calls will result in an order.
Under what situations on lambda1 and lambda2 will this system have the steady state distribution? Describe your answer.
What does it mean for two random variables to be uncorrelated?
30% of households say they would feel secure if they had $50,000 in savings. you randomly select 8 households and ask them if they would feel secure if they had $50,000 in savings. find the probability that the number that say they would feel secu..
The company can either settle out of court for $250,000 or go to court. If the company goes to court and loses, it must pay $825,000 plus $175,000 in court costs. If it wins in court the plaintiffs pay the court costs. Identify the states of natur..
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